m-banco to offer mobile financial services using LightSquared network


LightSquared, a wholesale carrier building
a nationwide wireless broadband network, and m-banco, a provider of mobile
communications and financial services to the U.S. Latino community, announced
their wholesale agreement that will enable m-banco customers to conduct
financial transactions and data and voice communications using mobile devices.

With m-banco’s Mobile Money solution,
customers can use mobile devices to conduct data and voice communications and
banking services such as wire transfers, device-to-device payments and
device-to-ATM transactions.

The solution is designed for customers who
do not have a bank account, either by choice or for other reasons such as not
having enough money to open an account or being unable to afford high bank

“We are committed to delivering
advanced wireless services to our customers so they can conduct voice
communications and wireless transactions with friends, family and financial
institutions in the U.S. and around the world,” said Randolph
Kantorowicz-Toro, chairman and chief executive officer of m-banco.

According to the Federal Deposit Insurance
Corporation (FDIC), 8 percent of American households do not have a checking or
savings account, a portion of the population often referred to as the “unbanked.”

Using LightSquared’s nationwide 4G-LTE
network, m-banco will provide high-speed data services to support VOIP
communications and Mobile Money transactions.

“Once again LightSquared has announced
a partnership with an emerging company that is poised to use advanced wireless
technology to deliver unique solutions to their customers,” said Sanjiv
Ahuja, chairman and chief executive officer of LightSquared.

“We are pleased to partner with
m-banco whose commitment to the Latino market aligns with our plans to provide
wireless broadband services to underserved communities throughout the United
States,” Ahuja added.

By Telecomlead.com Team
[email protected]